Galt's Gulch

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  • Posted by iroseland 11 years, 2 months ago
    it seems like that precious metal taxes would apply..

    http://bullion.nwtmint.com/blog/precious...

    That said, is the coins are not cashed in/sold they will not be taxed. So, I would move to a lower tax state and then start cashing them in.

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    • Posted by Robbie53024 11 years, 2 months ago
      Those explanations all stem from a gift or purchase. This doesn't fit those categories. It also doesn't fit a raw materials mined category either as these are coins.
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    • Posted by Robbie53024 11 years, 2 months ago
      My guess is that the various governmental revenue agencies will be looking for some way to get their "cut" regardless of whether these are sold or not. Kind of like when you win the lottery or a raffle. Still got to pay the taxes on the value of what was received.
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  • Posted by $ Abaco 11 years, 2 months ago
    The government will find a way to take that, I'm sure of it. And, yes, I would have kept my trap shut too. What a cool find, though!
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  • Posted by Robbie53024 11 years, 2 months ago
    Anyone know what the tax implications would be on such a thing? If it is found on your property, is it part of the property? It's not salvage, and it's not earned income nor typical definition of unearned income (not interest or capital gains).
    If I had found this, I don't think that I'd have made it publicly known.
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    • Posted by richkinley 11 years, 2 months ago
      About the best scenario I can think of is long-term capital gains. What's their cost basis...zero? I don't see how one could apportion these coins to the purchase of the property.

      The taxing authorities will get their cut, but not until the coins are sold.
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      • Posted by Robbie53024 11 years, 2 months ago
        I hope for their sake you're right. I'm guessing that the various taxing authorities are going to demand their cut as soon as possible, and regardless of whether they are sold or not.
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    • Posted by RobertFl 11 years, 2 months ago
      I think I would have kept my pie-hole shut that I dug them up.
      1. Possible tax reasons,
      2. some loon trying to sue claiming it was his lost stash
      3. Prevent another load of loons with metal detectors hoping to find more on your property.
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